Europe / Middle East / Africa
Dangote Cement plans London listing-FT
Apr, 02 2012
(Nigeria/London) -- Africa's richest man Aliko Dangote plans to list his $11 billion cement business, Dangote Cement, on the London Stock Exchange next year, the Financial Times reported in Monday.
Dangote is cited by the FT as saying he intends to free-float a 20 percent stake in Dangote Cement to finance its rapid expansion.
"We want to list in London next year. By then the upside to our business will be much bigger than today," Dangote is quoted as saying.
Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue, according to the FT.
Dangote is cited as saying the company was on track to meet the corporate governance requirements for a premium listing, and that he would give up his current role as chairman.
Tanzania expects to double its cement production in the next few years as new factories come on-stream to satisfy growing demand from the construction sector, a senior government official said on Tuesday. More
Superior Silica Sands and Di-Corp will start serving a new frac sand terminal near Rocky Mountain House, Alta, located southwest of Edmonton, in early 2015 to meet rising demand for frac sand in the Western Canadian Sedimentary Basin. More